Note: Sikandar Lodi, the second ruler of the Lodi (Lodhi) dynasty, was among the most accomplished sultans of the Delhi Sultanate. Succeeding his father, Bahlul Lodi, he consolidated the authority of the Sultanate across northern India through a combination of military campaigns and administrative reforms. He is best remembered for founding the city of Agra in 1504 AD, which later emerged as one of the principal capitals of the Mughal Empire. Under his rule, the Sultanate experienced political stability, territorial expansion, and economic prosperity. His reign marked the high point of Lodi power before the dynasty's eventual decline under his son, Ibrahim Lodi, who was defeated by Babur at the First Battle of Panipat (1526 AD).
The exceptional rarity of this silver issue may be attributed to the Lodi monetary system's limited use of precious metals. The Lodi rulers predominantly struck billon and copper denominations, with silver coinage being produced in comparatively small quantities. As a result, surviving silver issues are of considerable rarity.

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